As used in ORS 646A.770 to 646A.787: (1) “Borrower” means an individual who enters into a finance agreement that is secured by a motor vehicle or who, in connection with purchasing or leasing a motor vehicle, incurs an obligation to pay money to a creditor under terms and conditions that are specified in a finance […]
(1)(a) A guaranteed asset protection waiver is not insurance and is not subject to the provisions of the Insurance Code. A person, other than an insurer, that sells a guaranteed asset protection waiver in compliance with ORS 646A.770 to 646A.787 does not become subject to the Insurance Code by reason of the sale. (b) Notwithstanding […]
A person may not sell a guaranteed asset protection waiver in connection with a sale of a motor vehicle that is used for personal, family or household purposes unless, at the time of the sale: (1) The person discloses, in writing and in plain and easily understandable language: (a) The name, address and other contact […]
(1) A guaranteed asset protection waiver must determine the amount that a creditor waives under the terms of the guaranteed asset protection waiver in accordance with the following methods: (a) If primary motor vehicle insurance or third party liability insurance covers the amount of a total loss of the motor vehicle, the creditor shall waive […]
(1)(a) A guaranteed asset protection waiver may provide that a borrower may cancel the guaranteed asset protection waiver after the evaluation period expires or that the guaranteed asset protection waiver expires if the finance agreement terminates early. If the guaranteed asset protection waiver permits a borrower to cancel as provided in this subsection and the […]
(1)(a) A creditor other than a person that sells a guaranteed asset protection waiver in connection with a retail sale of a motor vehicle may insure a guaranteed asset protection waiver with a reimbursement insurance policy. (b) A person that sells a guaranteed asset protection waiver in connection with a retail sale of a motor […]
(1) A person that is subject to ORS 646A.770 to 646A.787 shall act in a fiduciary capacity with respect to funds the person receives or holds for the benefit of another person. (2) A person that sells a guaranteed asset protection waiver in connection with a retail sale of a motor vehicle may not: (a) […]
A violation of a provision of ORS 646A.770 to 646A.787 is an unlawful practice under ORS 646.608. [2015 c.523 §8]
